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Global Islamic Finance magazine January 2010

Global Islamic Finance magazine January 2010

Added by: Business Media Group
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Publisher's Description

What better way to start 2010 than with a quote, "Work together for a better World "? For myself, and for most of the readers I know, the beginning of a new year means the beginning of new journey and new adventures. For many of us 2010 will be peppered with new challenges, new opportunities and new hopes. Building a globalised economy that recognises the part played by those involved at every level is a more realistic prospect than ever now. The nature of the current financial crisis has changed, and all countries, regardless of developed ones or developing ones, have to work together to effectively tackle the global economic crisis, which has seriously impacted upon the world economy. As the politicians and policymakers scramble in the dust of the global financial crisis searching for the green shoots of economic recovery, they might forget the key issue of working together. At this crucial moment in the world's economic history, the most powerful countries are advocating a more inclusive system, one that considers the needs of the whole spectrum of countries and not just those that have the political and economic muscle to make themselves heard. It is a subtle change at a right time, but significant nonetheless because it establishes a global perception that we are all in this together at the beginning of a New Year. It is the time that every year, once a year, everyone decides to make a change in their life. “work together for a better world” technically, could be our New Year's Resolution which stay as a goal, a dream, a desire for the whole year. We need this resolution more than ever now as we are facing turmoil we have never faced. We are going through a financial crisis more severe and unpredictable than any in our lifetimes. Failures or equivalent of failures, of the capitalist goliath such as AIG, Lloyds Group, Bear Stearns, IndyMac, Lehman Brothers, Washington Mutual, Wachovia, Fannie Mae, Freddie Mac would be tremendously consequential in its own right. Getting into root-cause failure analysis, prove that adjusting strategy to reflect the facts of necessary changes, and reconsider the financial market principles is inevitable. To make a new system more sustainable we should fix it in a way to incorporate some provision for supporting the ordinary people who get cast aside when the economy takes a turn for the worse and apply different strategies to support the required changes. To make new financial market more robust we should pay more attention to ethical and social consideration beyond traditional and exclusive financial objectives as a practical guideline. Islamic finance is a form of ethical investment and ethical lending. Islamic Finance is ‘’working together’’ and ‘’sharing the risk and return’’. The most important feature of Islamic finance is that it promotes risk-sharing between the provider of funds (investor) and the user of funds (entrepreneur). The entrance of Islamic finance to the mainstream could give rise to hope of working together for better life by playing a constructive role in global economic recovery due to its adherence to ethical principle of finance

Added By

Business Media Group

Categories

business, education, news & politics


Tags

/ business and finance / investment / islamic banking / islamic finance / islamic investment

Language

English

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